Downtown LA’s U.S. Bank Tower, one of the most recognizable towers in Los Angeles, is now for sale. Located at 633 West Fifth Street in the heart of the Financial District, the U.S. Bank Tower spans 72 stories and has 1.4 million square feet of office space. The asking price is reportedly $500 per square foot, or approximately $700 million.
The seller, Singapore-based OUE Ltd., purchased the tower on the border of the Financial District and Bunker Hill in 2013 for $367.5 million.
Beginning in 2015, OUE performed a $50 million round of upgrades to the building, revamping the building’s Fifth Street frontage, and adding an observation deck, that famed glass slide, and a giant LED screen inside the building’s glass-fronted ground-floor lobby.
Downtown’s office market is on the rise, with vacancy rates for the most in-demand and up-to-date office space dropping to 16.5 percent vacant last quarter compared to 17.6 vacant a year ago, according to the Los Angeles Times. Rental prices for that same type of office space have gone up slightly too.
If sold for $500 per square foot, the deal would top the most expensive recent investment deal in Downtown Los Angeles. In 2017, Tom Barrack’s Colony NorthStar and Rising Realty Partners paid $465 million, or $465 per square foot, to acquire One California Plaza. That still didn’t surpass the sale of the Chase Tower, which traded for $486 per square foot in 2016.